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The HKIAAT Accounting and Business Management Case Competition 2009-2010 - Tertiary Institute Group Speaker: Dr. Mable Chan Lecturer Department of English The Hong Kong Polytechnic University Business Report Writing Skill
Product/Service Description- This section describes the products or services offered by an organization.
Market Analysis- This section outlines the analysis of the industry, target market and competition the business faces. A SWOT analysis may also be included.
Strategy- This section presents the strategies used to address the findings in the Market Analysis section. Details about implementation, schedule, personnel and budget required could also be included.
Management Team- This is a section describing the management of the business. Some businesses will also include information about other staffing or the independent consultant they plan to use.
Appendix- This is for you to include supporting documents, statistical analysis, product marketing materials or resumes of key employees.
References- This is to acknowledge the sources of information you have read.
Procedure of preparing for a business plan Step 1: Identify the needs to write the business plan by understanding the situation. - read the annual report of the company - conduct a relevant survey/an interview to find out more about the situation. - Interpret and analyze the data collected Step 2: Determine the purpose and rationale of the business plan Step 3: Brainstorm all the possible strategies/solutions and find out the most feasible ones Step 4: Draft a feasible schedule for implementing the measures and consider the budget Step 5: Write up the business plan Step 6: Revise, proofread and edit the business plan Step 7: Submit the business plan for consideration
1. Executive Summary 1.1 Introduction Jasmine Teahouse is a new tearoom in the quaint New England town of Simsbury, Connecticut. Jasmine Teahouse is a Limited Liability Corporation, managed by its owners, Earl and Lady Grey. Earl Grey has five years of experience managing a successful boutique coffeehouse in a similar locale in Maryland. His love and knowledge of teas will make the transition to owning and running a teahouse a natural step. Lady Grey has 3 years of training as an herbalist and worked for 4 years as a teatender in Boston. She is currently training to be a nutritionist; her knowledge of the health benefits of tea will help our marketing and sales efforts. Source: SBA homepage: http://www.sba.gov
1. Executive Summary J asmine Teahouse will offer a full range of teas (hot and iced), as well as pastries, premium chocolates, tea accessories, and loose teas for taking home or giving as gifts. Lady Grey is a master teatender, and Earl has been learning proper brewing techniques from her for the last four months. We will train all of our teatenders in the proper storage, brewing, and serving of each kind of tea.
1. Executive Summary The American tea market is growing rapidly. Tea sales have increased 165% since 1990, with the number of tea rooms offering sit down service rising about 15% to about 1500 shops. American interest in tea certainly owes some of its increase to the proliferation of gourmet coffee shops around the country in this same period. Most of working America has accepted the idea of expensive hot beverages as affordable luxuries, thanks to the marketing efforts of Starbucks, Seattle’s Best, and so on. At the same time, fashion is always on the move-now that fancy coffee drinks are so widely accepted, savvy consumers are looking for new, more unique treats to enjoy. Starbucks estimates that 7% of its $12 billion annual sales currently come from tea.
1. Executive Summary In Sinsbury, our potential clientele is divided between local residents and tourists (roughly 100,000 per year, in all seasons). We expect to easily generate sales to existing committed tea drinkers, who will immediately recognize the quality of our products and services. Marketing to the much larger local groups who are not yet familiar with premium teas will emphasize our atmosphere (cozy, intimate, luxurious), our prestige-value (high prices, the sophistication of having a favourite “exotic” tea type), and our wide array of potential gifts (gift baskets, chocolates, loose teas and tea accessories). Sales to tourists depend on a highly-visible location, association with the quaint charm of our town, and promotional efforts in cooperation with other businesses.
1. Executive Summary We have no direct competitors in our area. Dunkins Donuts and a local cafe cannot compete with our upscale approach, and the nearest Starbucks is 5 miles away. Simbury’s growing affluence and gentrification work in our favour, as our upper-middle class customer seeks out new status makers and mini-luxury experiences in a convenient, nearby location. Our well-researched and conservative sales forecasts project sales over $190,000 in the first year, with continued moderate increases through year 3. We project a net profit in the first year of over $13,000, with steadily increasing net worth for the foreseeable future. The owners are investing $10,330 of their own money into the business. Jasmine Teahouse is seeking an additional 6 year loan of $53,633 to fund out startup costs. We plan to open our doors in June of 2004.
This section is about the products or services the business provides/will provide.
We need to focus on the factors that make the offering unique and desirable to customers (having a competitive comparisons comparing your offering to similar products or services offered by others).
- Future Products or Services
2. Products/Service Description 2.1 Products and Services Jasmine Teahouse will specialize in premium teas, fine chocolates, and gift baskets. Our full “teahouse” experience is complemented by an assortment of loose teas, premium chocolates, tea accessories and gift baskets, all suitable as souvenirs and gifts for our tourist customers. Our goal is to be a destination store for visitors, and a resource for locals seeking gifts, new experiences and knowledge of tea. 2.1.1 52 kinds of tea 2.1.2 Pastries 2.1.3 Chocolates 2.1.4 Tea paraphernalia 2.1.5 Gift baskets
It is important for you to identify your competitors, and the details of your competitors’ businesses. You may have to do some research; study their ads, brochures and promotional materials. You also have to find out more about their location, customers and investigate their pricing. Both primary and secondary information is needed.
your competitors’ size and market share, as compared to yours
how target customers perceive your competitors’ products and services
your competitors’ financial condition
their ability and speed of innovation for developing new products/services
Opportunities and threats are external factors. For example, opportunities could be:
A developing market such as the Internet
Mergers, joint ventures or strategic alliances
Moving into new market segments that offer improved profits
A new international market
A market vacated by an ineffective competitor
Threats could be:
A new competitor in your home market
Price wars with competitors
A competitor has a new, innovative product or service
Competitors have superior access to channels of distribution
Taxation is introduced on your product or service
SWOT analysis SWOT analysis can be very subjective. Do not rely on SWOT too much. It is rare for two people to come up with the same final version of SWOT. So use SWOT as a guide and not a prescription.
This section explains how you plan to reach your targeted customers and how you will effectively market your product or service. It addresses the analysis you have done in the Market Analysis section.
You could consider 4 Ps:
Sample Strategy section 4.1 Strategy and Implementation summary e.g. We will combine heavy print advertising with special events and targeted promotions to introduce Simsbury’s residents and tourists to Jasmine Teahouse, and to premium teas in general. Repeat sales depend on consistently high quality products and service. We will thus train every part-time teatender in the proper storage, brewing, and serving of our 52 kinds of tea.
Sample Strategy section 4.1 Strategy and Implementation summary Our tea and chocolates are offered at a price premium that discourages customers seeking cheap, low-quality goods. This not only enhances the feeling of prestige customers get when patronizing our teahouse, but also ensures that customers will have simialr expectations of service and quality, based on their soci-economic class. The status and sophistication indicated by suggesting an outing to Jasmine, or a gift basket with our logo on it, will soon become valuable in themselves.
The main purpose of the conclusion is to summarise and highlight the significance of your main findings. Do not introduce any new material (e.g. results, analyses) in this section. If you want to draw a clear conclusion about your findings, you can use these expressions:
It can be concluded that …
The findings clearly indicate that …
It is clear that …
This study has found / demonstrated / revealed / shown that ...
If you want to express caution when drawing conclusions, you can use these expressions:
In the strategy section when you have to give suggestions or recommendations, you will often want to demonstrate how your recommendation is derived from a particular conclusion. You can use these expressions to indicate the connection between your conclusion and recommendations: